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Economy to see sharp recovery soon: Finance Commission Chairman NK Singh
India will see a sharp V-shaped recovery in the third and fourth quarter of the current fiscal, but FY21 GDP growth would ultimately be in negative territory as the coronavirus lockdown led to serious demand and supply dislocations, 15th Finance Commission Chairman N K Singh said.
Stating that global economic depression will continue to cast shadow on growth prospects next fiscal, Singh said the economic expansion in 2022-23 would determine whether or not the initiatives to revive growth are sustainable.
“This pandemic has led to enormous economic consequences by way of lockdown which brought serious dislocation both on demand and supply sides,” Singh said here. “Q1 and Q2 will not be lofty performances to say the least, I think Q3 and Q4 of the current fiscal year, there would be a very sharp V-shaped recovery, not necessarily that anything fundamental will happen or may happen but due to a lower base. Nonetheless, fiscal year as a whole will end on a negative trajectory,” he added.